‍DALLAS — Lufthansa Group today reported its Q3 earnings, which are highlighted by a decrease in operating profit of €1.3 billion (US$1.4 billion) compared to €1.46 billion(US$1.57) in 2023. The decline was driven mainly by a €234 million decline resulting from its core brand, Lufthansa Airlines (LH). A slower recovery in corporate travel is also a contributing factor.

Other highlights include

• Strongest revenue quarter in the company's history, with revenue of €10.7 billion (US$ 11.53 billion)
• A strong summer travel season
• Strong demand and high bookings for Q3 compared to last year 
• Full-year guidance confirmed at €1.4–1.8 billion (US$1.51–1.94 billion) Adjusted EBIT

“Today, we are reporting on another strong summer travel season, with a record seat load factor of 88 percent in August,” said Carsten Spohr, chairman of the Executive Board and CEO of Deutsche Lufthansa AG. “Particularly in view of the fact that global air traffic again reached its capacity limits this summer, I would like to thank our employees for their efforts and our customers for the patience we sometimes had to ask for.”

“Global demand remains intact and bookings for the fourth quarter are also at a high level compared to the previous year, particularly in the premium classes.”

Spohr noted that the group’s passenger airlines, Eurowings (EW), Austrian Airlines (OS) and Brussels Airlines (SN), operated at a profit and even generated record results in the third quarter. Lufthansa Technik and Lufthansa Cargo also remain on track.

The Lufthansa Group said its airlines welcomed more than 40 million guests on board its aircraft in the third quarter, an increase of six percent over the previous year. Seat load factor rose to 87 percent versus 86 percent a year ago.

Challenges

At the same time, Spohr mentioned that delayed aircraft deliveries, punctuality issues at Lufthansa’s hubs in Germany, and regulatory disadvantages impacted its core brand. Lufthansa Airlines has therefore launched the “Turnaround” program to address these and structural internal challenges. This program aims to increase efficiency, reduce complexity, and improve product quality, thereby making the airline fit for the future.

The group is continuing to invest in the largest fleet modernization in its history, premium offers for its guests, and in an even more international positioning. “These three central pillars of our strategy will enable us to further expand our role as the leading airline group in Europe,” Spohr said.

“The Lufthansa Group will continue to focus on generating cash flow and creating value for our shareholders,” said Till Streichert, chief financial officer of Deutsche Lufthansa AG. “For this, the Turnaround program at Lufthansa Airlines and the fleet modernization are core elements. I am confident that on this basis we will position all our passenger airlines to be sustainably efficient and profitable.”

Outlook

In a statement, the Lufthansa Group said it expects demand for air travel to remain strong in the remaining months of the year. The load factors booked for November and December are well above the levels observed at the same time last year. Demand remains particularly high in the premium classes, i.e. Business Class and First Class.

Further information on the results of individual business segments are available here. The traffic figures for the third quarter of 2024 can be found here.